to: prevent the use of aviation and maritime transport or offshore facilities in connection with serious or organised crime; establish a regulatory framework to implement harmonised eligibility criteria for the aviation security identification card (ASIC) and maritime security identification card (MSIC) schemes; clarify and align the legislative basis for undertaking security checking of ASIC and MSIC applicants and holders; provide for regulations to prescribe penalties for offences; and insert an additional severability provision to provide guidance to a court as to Parliament’s intention.

to reduce the corporate tax rate for small businesses with an aggregated turnover of less than $10 million to 27.5 per cent for the 2016-17 financial year and progressively extend that lower rate to all corporate tax entities by the 2023-24 financial year; and further reduce the corporate tax rate in stages so that by the 2026 27 financial year, the corporate tax rate for all entities will be 25 per cent;

Income Tax Assessment Act 1997

to increase the small business income tax offset to 16 per cent of an eligible individual’s basic income tax liability that relates to their total net small business income from the 2026-27 financial year; and enable small businesses with an aggregated turnover of less than $10 million to access most small business tax concessions, and small businesses with an aggregated turnover of less than $5 million to access the small business income tax offset; and